Tron Coin: Smart Investment Or Risky Gamble?

TRON (TRX) is a cryptocurrency that powers the TRON platform, a decentralised blockchain aimed at the content and entertainment space. The TRON platform was founded in 2017 in Singapore by Justin Sun, a former Forbes 30 Under 30 nominee. TRX has had its ups and downs but has a strong following and unique technical aspects, becoming one of the top 10 cryptocurrencies in the world in terms of market cap within two years of its launch.

TRX has zero transaction fees and can perform 2,000 transactions per second, on par with major payment processors such as PayPal. TRON has also been taken up by Samsung, which supports the currency on its latest smartphones.

TRX's price has fluctuated since its launch. It started at $0.0591 per TRX via an ICO (initial coin offering) on 1 September 2017. Its highest price was $0.3004, reached on 5 January 2018, and its lowest was $0.001091, reached on 15 September 2017.

So, is TRON a good investment?

TRON's price history and future predictions

TRON (TRX) was launched in 2017 and quickly became a huge success, entering the top 10 cryptocurrencies in the world in terms of market cap by 2019. TRON's starting price was $0.0591 per TRX via an ICO (initial coin offering) on 1 September 2017. Its highest price to date was $0.3004, reached on 5 January 2018, and its lowest price was $0.001091, reached on 15 September 2017.

In 2021, TRON, like much of the crypto market, had a great run. However, it struggled to reach the same highs from the 2017/2018 bull run. In 2022, the price of TRON started at $0.077 and ended the year at $0.054. TRON's 52-week high is $0.0909 and its 52-week low is $0.0459.

As of August 2024, TRON's price is $0.16142 USD. Crypto analysts expect that at the end of summer 2024, the TRX price will be around $0.167. In August 2024, the TRON cost may drop to a minimum of $0.159. The expected peak value might be $0.175.

Future Predictions

According to a long-term TRON price prediction, the price of TRON will reach $0.09 by the end of 2023 and $0.16 by the end of 2025. TRON will then rise to $0.38 in 2028 and $0.60 in 2030.

Other predictions include a minimum price of $0.111756 and a maximum price of $0.67617 for 2025. For 2030, the minimum price is predicted to be $0.729065 and the maximum $0.978766.

TRON is currently in a good upward trend, increasing by 1.69% in the last 7 days and by 10.31% in the last month. TRON is forecasted to trade within a price range of $0.111756 and $0.175327 in 2024.

TRON is currently bullish on the four-hour, daily, and weekly charts, with the 50-day and 200-day moving averages rising.

TRON's decentralised internet vision

TRON is a decentralised virtual machine that was built to help usher in a decentralised internet. It aims to be a peer-to-peer system that decentralises the web and provides a democratic system to manage the new network. In a decentralised internet, there are no hosting companies, and the entire internet is run by personal users.

TRON enables Dapp developers to create and utilise complex protocols via smart contracts that live on its native blockchain. The platform is capable of 2000 transactions per second, which is on par with major payment processors such as PayPal. Additionally, TRON has zero transaction fees, allowing users to send money anywhere in the world in seconds without paying a fee.

TRON's blockchain is maintained by a community of developers and has established in-depth cooperation with several world-class wallets. It is also the fastest-growing DApp ecosystem and the second-largest public chain platform for DApps. TRON's DApps were listed on the front page of the Samsung Galaxy Store.

TRON's native token, TRX, is widely used for payment, purchases, and voting within and outside the TRON ecosystem. It is supported by credit card Spend and TRON ATM machines for TRX payment and online transfer, respectively. TRX is also one of the most promising cryptos, connecting millions of value investors globally and is listed on over 130 exchanges.

TRON's vision for a decentralised internet is further strengthened by its Delegated-Proof-of-Stake (DPoS) consensus mechanism, which allows users to earn passive income by staking their holdings in a network wallet. The more TRX a user stakes, the more TRON Power they earn, which is used to vote for Super Representatives responsible for on-chain governance.

In December 2021, TRON became TRON DAO, a community-governed, decentralised, autonomous organisation connected to a diverse and growing blockchain ecosystem. TRON DAO aims to empower decentralised commerce and community for every human on the planet, providing tools and knowledge to developers and users alike to build the next generation of blockchain solutions.

Justin Sun's influence

Justin Sun, the founder of TRON, is a Chinese-born Grenadian cryptocurrency entrepreneur and business executive. Sun is a protégé of Alibaba founder Jack Ma and graduated from Ma's Zhejiang Hupan Entrepreneurship Research Center. Sun has also worked at Ripple Labs, creators of Ripple XRP, and founded Peiwo, a Chinese voice-based social networking app with over 10 million users.

Sun's influence on the success of TRON is evident. Firstly, Sun's connections in the blockchain sector, established during his time at Ripple Labs, were crucial in the development of TRON. Secondly, Sun's decision to integrate TRON into Peiwo helped boost TRON's position and significantly expand its active user base in the region. Additionally, Sun's role as CEO of TRON and his social media presence have been instrumental in promoting the cryptocurrency and increasing network activity. Sun has consistently posted bullish comments on social media, which has given investors confidence in the TRON network.

However, Sun's influence on TRON has also been a source of controversy. Sun has been accused of creating hype around TRON on Twitter, with some investors suspecting that this is a ploy to get people to buy TRX. Employees have also sued Sun and the Tron Foundation for 'workplace hostilities', claiming that they were harassed and forced out of their jobs. In 2023, the U.S. Securities and Exchange Commission sued Sun for selling unregistered securities and market manipulation. Sun was also charged with orchestrating a scheme to pay celebrities to promote TRX without disclosing their compensation.

In conclusion, Justin Sun's influence on TRON has been significant. While Sun's promotional efforts and connections in the blockchain sector have contributed to TRON's success, his controversial reputation and legal issues have also impacted the public perception and price of TRX.

TRON's partnerships

TRON has established several high-profile partnerships, which have contributed to its success and popularity. Here are some details about TRON's partnerships:

Samsung: TRON's integration with Samsung is a significant development. Samsung, one of the world's largest technology brands, added TRON to its Blockchain Keystore, making TRON dApps accessible to Samsung Galaxy S10 users. This partnership is a step towards normalising blockchain technology and decentralisation for a broader audience. TRON is now the only made-in-China blockchain supported by Samsung.

OBike: TRON partnered with multinational bike-sharing company oBike, which launched its own cryptocurrency, oCoin, on the TRON network.

Global Social Chain: TRON collaborated with this social networking site, further expanding its reach and user base.

Baofeng Group: Often referred to as the "Netflix of China," Baofeng Group's partnership with TRON brings entertainment and streaming services to the TRON ecosystem.

Sony Interactive Entertainment: TRON's partnership with Sony Interactive Entertainment enhances blockchain gaming and provides new opportunities for TRON in the gaming industry.

BitTorrent Inc.: TRON's acquisition of BitTorrent File System (BTFS) formed the world's largest P2P storage network. This partnership contributed to TRON's position as the world's largest decentralised ecosystem.

Waves: TRON partnered with Waves to provide interoperability between the two networks, making TRC20 tokens compatible with Waves using the Gravity protocol.

Band Protocol: TRON's collaboration with Band Protocol provides decentralised oracles and price feeds for dApp developers on the TRON network.

BitGo: TRON partnered with BitGo to deliver wrapped Bitcoin (WBTC) and wrapped Ether as TRC20 tokens, enabling users to buy and sell BTC and ETH in TRON's low-fee environment.

Huawei: TRON partnered with Huawei to add the BitTorrent app to the smartphone manufacturer's AppGallery store, making the file-sharing network accessible to billions of devices.

Poloniex: TRON received investment from Poloniex, a world-leading digital asset trading platform, enhancing its financial strength and credibility.

Other Partnerships: TRON has also established partnerships with credit card company Spend, TRON ATM machine providers, and Tether, among others.

TRON's technical analysis

• Moving Averages Crossovers: The 5 & 20 DMA Crossover, 20 & 50 DMA Crossover, and the 50 & 200 DMA Crossover are all important indicators to watch. These crossovers can signal changes in the trend and help identify potential buy or sell points.
• Bollinger Bands: TRON's price has been hovering close to the lower Bollinger Band, which could indicate that the market is oversold. A breakout above the upper band would be a significant event, but it is not a trading signal by itself.
• Relative Strength Index (RSI): The RSI for TRON is currently in the neutral to bearish range, which suggests that the coin may be oversold. However, it's important to note that RSI can remain in oversold territory for an extended period during a bear market.
• Moving Average Convergence Divergence (MACD): The MACD indicator is currently below 0 and crossing below the signal line, which is considered a bearish signal. This suggests that the downward momentum may continue in the short term.
• Stochastics: Stochastics is a momentum indicator that compares the closing price to the range of prices over a specific period. It is currently giving a bearish signal, which aligns with the MACD indicator.
• Buy and Sell Signals: Technical analysis tools on platforms like TradingView and Investing.com are providing a mix of buy, sell, and neutral signals for TRON. For example, on September 1, 2024, TradingView's technical indicators showed a mix of strong sell, sell, neutral, and buy signals.
• Expert Predictions: Some experts and analysts have provided price predictions for TRON, suggesting that it could reach $0.09 by the end of 2023 and $0.16 by the end of 2025. These predictions are based on technical analysis and market trends.

In summary, while TRON's technical analysis shows some positive signals, it's important to approach any investment in TRON with caution. The cryptocurrency market is highly volatile, and TRON has had its fair share of controversies. Always conduct your own due diligence and consult with a financial advisor before making any investment decisions.

Frequently asked questions